FPJ Cyber Secure: Hackers Siphon Over ₹2 Cr; Blockchain Helps Freeze Half Amount

Mumbai: A 28-year-old businessman lost more than Rs 2 crore, including the amount he had received from a foreign investor, to hackers from China and Dubai. The cyber cops have managed to freeze 50% of the money with the help of blockchain technology.

According to the information received from sources, a Mumbai-based businessman was looking for an investor to expand his business. Few months ago, a businessman from Singapore expressed interest in funding the complainant's business.

2.49 lakh US dollars gone in a matter of seconds

Accordingly, a deal was struck and the victim received 2.49 lakh US dollars. However, he lost the whopping amount in an instant after hackers gained access to his account and transferred all the money to multiple bank accounts. The siphoned funds also include 15,000 US dollars which were already in the account of the aggrieved. 

In June, the victim lodged a complaint with the Maharashtra Cyber Department and during the ensuing probe, the cops discovered the money trail. According to sources, the money was transferred to hundreds of accounts and the cyber cell succeeded in freezing many bank accounts.

What is Blockchain? 

A blockchain is a distributed database or ledger shared among a computer network's nodes. Best known for maintaining a secure and decentralised record of transactions in cryptocurrency systems for, blockchain has other sophisticated applications as well.